I asked this in another post the other day, but no one answered.
So, if the dollar becomes scrap paper, then what happens to all the money we have in our bank accounts or on hand? Do we in an instant become penniless? Or will it automatically change over to the new standard? And what happens to our bills/credit card & mortgage debts?
I'm just trying to figure out what to do in this situation, need to prepare as much as I can. If we were to take some money out of our bank accounts, will it even be worth anything if all this happens? We are already using up the little we had saved fast right now, not to mention any money coming in. We have some food stocked (not a lot but some), but I'm sure we will have family members we will have to help also.
Commodities, gold, silver, and coins. When there is a devaluation, governments redeem all the paper money and replace it with a lesser amount of new paper. But they don't replace the coins, as it would cost too much. So, for example, if the current dollar was replaced by new ones at 10 to 1, your quarters would suddenly be worth $2.50. And just imagine of the conversion were 100 to 1. That would be better than real silver coins. Don't tell anyone else about this. I have a shit ton of coins stored up just in case. :)
I asked this in another post the other day, but no one answered.
So, if the dollar becomes scrap paper, then what happens to all the money we have in our bank accounts or on hand? Do we in an instant become penniless? Or will it automatically change over to the new standard? And what happens to our bills/credit card & mortgage debts?
I'm just trying to figure out what to do in this situation, need to prepare as much as I can. If we were to take some money out of our bank accounts, will it even be worth anything if all this happens? We are already using up the little we had saved fast right now, not to mention any money coming in. We have some food stocked (not a lot but some), but I'm sure we will have family members we will have to help also.
Commodities, gold, silver, and coins. When there is a devaluation, governments redeem all the paper money and replace it with a lesser amount of new paper. But they don't replace the coins, as it would cost too much. So, for example, if the current dollar was replaced by new ones at 10 to 1, your quarters would suddenly be worth $2.50. And just imagine of the conversion were 100 to 1. That would be better than real silver coins. Don't tell anyone else about this. I have a shit ton of coins stored up just in case. :)
https://www.youtube.com/watch?v=sN3iITo7gNA
Conversion?
First they inflate it,until it's cheaper than toilet paper.
Then they scrap it.